09.12.16
Brady Corporation reported its financial results for its fiscal 2016 fourth quarter and year ended July 31, 2016.
Net earnings for the quarter ended July 31, 2016, were $25.1 million compared to a loss of $(39.4) million for the same quarter last year.
Sales for the quarter ended July 31, 2016, decreased 2.3% to $282.1 million compared to $288.6 million in the fourth quarter of fiscal 2015. Total organic sales decreased 0.9% and foreign currency translation decreased sales by 1.4%. By segment, organic sales decreased 0.2% in Identification Solutions and decreased 2.7% in Workplace Safety.
Net earnings for the year ended July 31, 2016, were $80.1 million compared to net earnings from continuing operations of $4.9 million last year.
Sales for the year ended July 31, 2016, decreased 4.4% to $1.12 billion compared to $1.17 billion last year. Total organic sales decreased 0.7% and the impact of foreign currency translation decreased sales by 3.7%. By segment, organic sales decreased 0.7% in Identification Solutions and decreased 0.8% in Workplace Safety.
“We finished fiscal 2016 with GAAP diluted EPS of $1.58, which is a 24% increase compared to non-GAAP diluted EPS of $1.27 in the prior year. Our gross profit margin, segment profit margins and net earnings have all improved on a year-over-year basis for the fourth consecutive quarter,” said J. Michael Nauman, Brady’s president and CEO. “I am pleased with our ability to improve our financial performance while simultaneously investing in our capabilities to create innovative solutions for our customers. We have an improving pipeline of new products and we anticipate increasing our investments in new products in fiscal 2017.”
“Our fourth quarter revenues were approximately in line with our expectations coming into the quarter, finishing with an organic sales decline of 0.9%,” added Aaron Pearce, Brady’s CFO. “Demand has been choppy and we lack a clear catalyst for improved near-term sales. Although organic sales declined, profitability was stronger than anticipated as our focus on driving operational efficiencies and actively reducing our general and administrative structure provided financial benefits this quarter. During the year ended July 31, 2016, cash provided by operating activities was $139.0 million, which was a 49% improvement compared to the year ended July 31, 2015. We finished with net debt of $75.7 million as of July 31, 2016 compared to net debt of $139.2 million as of July 31, 2015.”
Net earnings for the quarter ended July 31, 2016, were $25.1 million compared to a loss of $(39.4) million for the same quarter last year.
Sales for the quarter ended July 31, 2016, decreased 2.3% to $282.1 million compared to $288.6 million in the fourth quarter of fiscal 2015. Total organic sales decreased 0.9% and foreign currency translation decreased sales by 1.4%. By segment, organic sales decreased 0.2% in Identification Solutions and decreased 2.7% in Workplace Safety.
Net earnings for the year ended July 31, 2016, were $80.1 million compared to net earnings from continuing operations of $4.9 million last year.
Sales for the year ended July 31, 2016, decreased 4.4% to $1.12 billion compared to $1.17 billion last year. Total organic sales decreased 0.7% and the impact of foreign currency translation decreased sales by 3.7%. By segment, organic sales decreased 0.7% in Identification Solutions and decreased 0.8% in Workplace Safety.
“We finished fiscal 2016 with GAAP diluted EPS of $1.58, which is a 24% increase compared to non-GAAP diluted EPS of $1.27 in the prior year. Our gross profit margin, segment profit margins and net earnings have all improved on a year-over-year basis for the fourth consecutive quarter,” said J. Michael Nauman, Brady’s president and CEO. “I am pleased with our ability to improve our financial performance while simultaneously investing in our capabilities to create innovative solutions for our customers. We have an improving pipeline of new products and we anticipate increasing our investments in new products in fiscal 2017.”
“Our fourth quarter revenues were approximately in line with our expectations coming into the quarter, finishing with an organic sales decline of 0.9%,” added Aaron Pearce, Brady’s CFO. “Demand has been choppy and we lack a clear catalyst for improved near-term sales. Although organic sales declined, profitability was stronger than anticipated as our focus on driving operational efficiencies and actively reducing our general and administrative structure provided financial benefits this quarter. During the year ended July 31, 2016, cash provided by operating activities was $139.0 million, which was a 49% improvement compared to the year ended July 31, 2015. We finished with net debt of $75.7 million as of July 31, 2016 compared to net debt of $139.2 million as of July 31, 2015.”